China approves US$73b of subway projects

[BEIJING] China approved subway projects in three cities including Beijing, Tianjian and Shenzhen worth a total 464.77 billion yuan (S$104.6 billion), the country's top economic planner said on its website.

The National Development and Reform Commission (NDRC) said on its website that it had approved the second construction phase of a subway system in Beijing, with an investment value of 212.28 billion yuan. It is expected to be finished by 2021.

It also gave the go-ahead for a subway plan worth 179.43 billion yuan in Tianjin. It is due for completion in 2020.

The third construction phase of a subway system in Shenzhen also won approval. It is planned to be completed by 2020, with an investment value of 73.06 billion yuan.

Beijing has approved billions of dollars in infrastructure projects in recent months to stave off a sharper economic slowdown. The government has been particularly keen on projects in the less-developed western part of the country.

REUTERS